Includes data visualization and video
Try this on for size:
In 1960, an average American household spent over 10 percent of its income on clothing and shoes – equivalent to roughly $4,000 today. The average person bought fewer than 25 garments each year. And about 95 percent of those clothes were made in the United States.
Fast forward half a century.
Today, the average American household spends less than 3.5 percent of its budget on clothing and shoes – under $1,800. Yet, we buy more clothing than ever before: nearly 20 billion garments a year, close to 70 pieces of clothing per person, or more than one clothing purchase per week.
Oh, and guess how much of that is made in the U.S.: about 2 percent.
Browse through the timeline below to see how dramatically the cost and origin of our clothing has changed. And then continue reading to find out why.
Includes video/audio clips and infographics
(Photo by Art Cummings/Flickr)
Everyone likes a good deal.
And for that reason, most of us have flocked to clothing stores like H&M and Old Navy for the unbelievably cheap and expansive selection they offer.
T-shirts for five bucks; jeans and dresses for under $20. It’s almost like you can’t afford to not buy it.
Clothing is cheaper now than it’s ever been: today average Americans spend less than four percent of their total income on their wardrobes, about half what was spent 50 years ago, according to the Bureau of Labor Statistics.
It’s almost cheaper today to buy a whole new wardrobe than to pay to wash your old one (a bit of an exaggeration, yes, but really not all that far off).
But you know the saying that there’s no such thing as a free lunch? Same thing goes with your $5 t-shirt – it comes with some steep hidden costs. There’s no possible way retailers like H&M could be making billions in profits selling clothing at such low prices without there being some catch.
So what are we, the consumers, not seeing?